Energy and Climate Tax Credits for the Health Care Sector

• October 24, 2023

• Justin Cook , Bricker Graydon LLP
• John Flis , Bricker Graydon LLP
• Jean Broderick , Bricker Graydon LLP

The Inflation Reduction Act (IRA) of 2022 represents a historic investment in confronting climate change and building a clean economy. The IRA includes many incentives in the form of tax credits and deductions to incentivize both for-profit and tax-exempt organizations to adopt renewable energy and more efficient technologies. These incentives can be particularly helpful to 501(c)(3) health systems who purchase and consume vast amounts of energy from the grid. Under the IRA, health systems and health care organizations can receive direct cash payments for installing solar energy facilities that provide numerous long-term benefits, including reduced energy costs and more direct control over the systems’ energy needs. 

ARTICLE TAGS

• Tax and Finance Practice Group
• Tax and Nonprofit